Nov 15 2007 12:12PM | Permalink | Email this | Comments (1) |
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Both Canada and the U.S. released their international trade numbers on Friday, November 9. The headline news in Canada was the drop in the trade balance to its lowest level since December 1998. In the U.S., rising exports and lower imports resulted in a decrease in the goods and services deficit, when compared to the levels recorded in September 2006.

To understand the implications of international trade on the construction industry, check out this article from our archives by CanaData chief economist Alex Carrick — U.S. trade deficit stuck at $60 million per month — for more insights.

Canada’s trade balance with the world drops in September
With imports rising and exports declining, Canada's trade balance with the world dwindled to $2.6 billion in September*, falling to its lowest level since December 1998. Notably, Canada’s trade surplus with the United States fell to $6.2 billion.

Exports decreased 2.3% to $37.7 billion in September, the lowest level since October 2006. Only three sectors — automotive products, energy products, and other consumer goods—reported profits.

Imports rose 2.2% to $35.1 billion, recapturing some of the loss registered in August. Energy products were by far the main force propelling the rise, followed by industrial goods and materials, automotive products and other consumer goods.

United States trade deficit falls $7.7 billion year over year in September
Through the Department of Commerce, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced on November 9, 2007 that total September exports* of $140.1 billion and imports of $196.6 billion resulted in a goods and services deficit of $56.5 billion.

September exports were $1.5 billion more than August’s exports of $138.6 billion.

September’s imports were $1.2 billion more than August’s imports of $195.4 billion.

In September, the goods and services trade deficit was down $7.7 billion from September 2006. Exports were up $16.8 billion, or 13.6 per cent, and imports were up $9.1 billion, or 4.9 per cent.

*Monthly figures, not annualized.